Shiseido Announces Tender Offer to Acquire Bare Escentuals for $1.7 Billion (BARE)
1/15/2010-Leading Japan-based cosmetics company, Shiseido, and Bare Escentuals Inc. (NASDAQ:BARE), an innovator in mineral-based cosmetics, announced that they have entered into a definitive agreement pursuant to which Shiseido will acquire Bare Escentuals in an all-cash deal worth approximately USD$1.7 billion.
The deal has already been unanimously approved by boards of both companies.
Terms of the transaction include Shiseido's US subsidiary making an offer to purchase all outstanding shares of Bare Escentuals common stock for USD$18.20 per share, which represents a 40.8% premium to Bare's average closing price over the last three-month period and a 39.9% premium over its closing price on January 13th, 2010.
Shinzo Maeda, President & CEO of Shiseido commented, "This acquisition further enables Shiseido to move towards our goal of becoming a global player representing Asia with its origins in Japan. We have known and admired Bare Escentuals' excellent team and their achievements for a long time, and look forward to their contribution to our combined group. The operational fit and future growth prospects make this an excellent transaction for our customers, employees and shareholders."
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